Ready Capital is a REIT that originates, acquires, finances, and services small-balance commercial real estate loans and SBA-guaranteed small business loans. Ready Capital focuses on the lower middle market of CRE — loans generally ranging from $500K to $40M — financing small businesses and real estate investors across property types including multifamily, office, retail, and warehouse. Ready Capital operates two segments: LMM Commercial Real Estate (~82% of the loan portfolio) and Small Business Lending (~19%). In the LMM segment, bridge loans — typically interest-only, 2-4 year loans financing properties under stabilization — dominate the portfolio at roughly 58% of total loans. Ready Capital also originates construction and permanent financing for affordable housing. In its SBA segment, Ready Capital holds one of only 16 non-bank SBLC licenses and preferred lender status from the SBA, making it one of the largest non-bank SBA lenders in the country. Ready Capital earns net interest income by holding loans funded primarily through CRE CLO securitizations, and earns gain-on-sale income by originating SBA 7(a) loans and selling the government-guaranteed portion at a premium in the secondary market, while retaining the unguaranteed portion and a servicing fee. Ready Capital is externally managed by Waterfall Asset Management. Currently, Ready Capital is executing a balance sheet repositioning, targeting aggressive reduction of its legacy CRE bridge loan book and a shift toward SBA and capital-light businesses.